Big week ahead for Commodities with Fed, OPEC meeting and NFP in focus - What's next? [Video]

A long list of the world’s most powerful Wall Street banks have described the current economic climate as “The Golden Age of Trading”. 

That comes as no surprise, considering 1 in 2 people have now turned to trading to capitalize on one of the greatest wealth transfer opportunities of our lifetime! 

Traders are pumping more money into Commodities right now than at any time in the last decade, to capitalize on the biggest macro themes driving the markets from Re-Accelerating Inflation, The Global Energy Shock 2.0 to an escalating Global Food Crisis, which is sending Agriculture prices skyrocketing to all-time record highs. 

As we head into a heavily macro-driven week, the markets can take some relief from knowing that the U.S government will remain open for the next 45 days – narrowly avoiding a shutdown, which could have had devastating effects on the economy. 

But make no mistake, this is just a temporary “stop gap” solution. Lawmakers now have until November 17, to reach agreement on a spending bill in order to avoid a repeat of the government shutdown saga. 

In other words, this problem has not been resolved yet. Lawmakers have simply kicked the can down the road for another time! 

Looking ahead, this week is all about the macroeconomics with trader’s attention firmly focused on a string of hotly anticipated market-moving events including the OPEC+ Joint Ministerial Monitoring Committee Meeting, U.S Non-Farm Payrolls Data, as well speeches from Federal Reserve Chairman Jerome Powell and his European Central Bank counterpart Christine Lagarde. 

Jerome Powell is due to speak at a roundtable discussion alongside Philadelphia Fed President Patrick Harker on Monday. Traders will scrutinize their every comment for clues into the central banks thinking on future rate hikes – especially after New York Fed boss John Williams hinted that “interest rates will stay higher for longer than most people think”.

Elsewhere, all eyes will be on the OPEC+ Joint Ministerial Monitoring Committee Meeting on Wednesday. 

Oil prices have been in a solid uptrend since Saudi Arabia and Russia announced plans to extend their 1.3 million barrel per day production cut until the end of the year. With both WTI and Brent Crude Oil prices now within striking distance of $100 a barrel – there is no doubting that traders will be counting on Saudi Arabia and Russia to sprinkle a little more magic dust on the market.  

Last but not least, with the Federal Reserve vigorously debating whether or not to hike rates again this year – traders will closing watching Friday’s U.S Non-Farm Payrolls report for the latest read on the health of the labor market. 

Extraordinary times create extraordinary opportunities and right now, these markets are a trader's paradise. Each and every one of these explosive macro events is guaranteed to be a license to print money, which traders will not want to miss out on! 

Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions: